RE: $1.2 Million Bitcoin Seized Stuck Due To India Crypto Ban
This is comical
$1.2M seized from Bitcoin Ponzi stuck in frozen Indian bank account
“Authorities in India have found themselves in a crypto-conundrum: they can’t access cryptocurrency seized from a Ponzi scheme because such transfers have been prohibited, reports Times of India.
To make matters worse, police had hired the now-defunct cryptocurrency exchange Koinex to convert Rs 8.42 crore ($1.19 million) of the seized Bitcoin $BTC▲0.03% into local currency — but the company’s banking partner froze its account as a result.
A series of requests have reportedly been filed with the country’s supreme court to resolve the matter.
Specifically, a police petition challenges a Royal Bank of India (RBI) circular that bars financial institutions from handling virtual currency. A Koinex request demands the RBI force its banking partner to unfreeze its account.”